New Delhi– India is potentially the only country to have reached an understanding with the United States to finalize a bilateral trade agreement (BTA) by the fall of 2025, External Affairs Minister S. Jaishankar said on Wednesday, as reciprocal tariffs between the two nations went into effect, with India facing a 27 percent tariff.
According to Jaishankar, New Delhi’s goal is to solidify a trade deal, although the impact of the US’s reciprocal tariffs is still uncertain.
Speaking at the ‘News18 Rising Bharat Summit’ in New Delhi, the Union Minister stated: “We decided to engage the (Donald) Trump administration early on these issues. We were very open and constructive with them, and they were equally open and constructive with us. What we agreed to was to negotiate a bilateral trade agreement by the fall of this year.”
Following bilateral discussions between Prime Minister Narendra Modi and President Donald Trump in Washington, D.C. in February, the two nations announced their intention to finalize the first phase of the BTA by the fall of 2025.
Jaishankar added: “I believe we are the only country, after President Trump assumed the presidency for a second term, that has reached such an understanding in principle.”
“In our case, our strategy has a clear objective: to explore whether we can resolve these issues by concluding a bilateral trade agreement. I should also mention that this has long been one of our key goals,” the minister remarked.
In an effort to boost bilateral trade to $500 billion by 2030, India and the US have reached a broad understanding to finalize the first phase of the BTA by the fall of 2025.
According to the Ministry of Commerce and Industry, sector-specific expert-level engagements under the BTA will begin virtually in the coming weeks, paving the way for an in-person negotiating round soon after. (Source: IANS)
